Global Legal Update - December 2015 (In Japanese)

On January 18, 2022, the U.S. Department of Justice ("DOJ") and Federal Trade Commission ("FTC") jointly announced their intention to begin a sweeping rewrite of their merger guidelines...

On Friday, July 9, 2021, President Biden issued Executive Order (EO) 14036, "Promoting Competition in the American Economy".

The U.S. Department of Justice (DOJ) has significantly escalated its antitrust investigation into Nvidia Corp., the world's leading AI chipmaker, by issuing subpoenas not only to Nvidia but also to third-party companies.

Major antitrust developments from August 2026 span multiple jurisdictions, including U.S. court rulings on oil price-fixing and printer cartridge restrictions, FTC quantum computing merger reviews...

Elon Musk's lawsuit against OpenAI and Microsoft has entered a critical second phase, shifting from questions about nonprofit mission betrayal to antitrust and competition law issues.

The General Court of the European Union has upheld the European Commission's prohibition of Booking Holdings' acquisition of eTraveli Group, endorsing for the first time a 'reverse leveraging' theory of harm in conglomerate mergers. This landmark judgment establishes that dominant companies can be blocked from acquiring complementary businesses even when the target operates in a market where the acquirer lacks dominance, fundamentally reshaping merger control enforcement in digital and ecosystem-driven mark

Prior to the 2010 merger, Live Nation Entertainment was the largest producer, marketer, and seller of live concerts globally, controlling more than 75 concert venues in the United States...

The Department of Justice announced a landmark $250 million settlement with KKR & Co. for allegedly submitting deficient Hart-Scott-Rodino Act notification forms across at least 16 transactions. This unprecedented penalty, the largest ever for HSR violations, raises critical questions about merger notification compliance obligations and the consequences of systemic noncompliance with federal antitrust review requirements.

On August 7, 2026, the Delaware Court of Chancery ordered Verisk Analytics, Inc. to move forward with its purportedly terminated $2.35 billion proposed acquisition of AccuLynx.com.

The Justice Department has resumed targeted Second Request investigations to expedite merger reviews, while major entertainment industry consolidation faces legal challenges and the FTC secures record penalties for Hart-Scott-Rodino Act violations. These developments signal a shifting landscape in federal merger enforcement, balancing efficiency with rigorous antitrust scrutiny across multiple industries.

The Code is voluntary, but it will likely become an important reference point for demonstrating compliance with Article 50 of the AI Act.

The Ninth Circuit Court of Appeals vacated a preliminary injunction against Perplexity AI, determining that when an AI agent acts at a user's direction, it is the user—not the AI company—who "accesses" computer systems under federal and California computer fraud statutes. This landmark appellate decision addresses how existing computer-access laws apply to agentic artificial intelligence and has significant implications...

China's Supreme People's Court has issued comprehensive judicial rules addressing artificial intelligence disputes, establishing frameworks for product liability, intellectual property rights, and data protection. These landmark opinions provide critical guidance for global companies navigating AI-related legal risks in China's evolving regulatory landscape.

The European Commission has initiated infringement procedures against 20 EU Member States for failing to transpose the EmpCo Directive by the March 27, 2026 deadline. This directive aims to combat greenwashing by requiring substantiation of environmental claims and third-party certification for sustainability labels, with full implementation expected by September 27, 2026.

Mexico's comprehensive anti-money laundering framework has undergone a sweeping transformation through Acuerdo 115/2026, introducing mandatory risk-based methodologies, enhanced client due diligence protocols, and automated monitoring requirements. With implementation deadlines beginning March 1, 2027, obligated parties conducting vulnerable activities face compressed timelines to overhaul their compliance infrastructure while navigating heightened enforcement risks and stricter beneficial ownership thresho

The European Commission has proposed replacing the EU's three core procurement directives with a single, directly applicable Regulation that would fundamentally reshape how companies compete for public contracts across Member States. The reform introduces mandatory quality criteria thresholds, embeds ESG considerations as evaluation factors, and establishes new security and European-preference provisions that could restrict participation based on ownership, supply chain exposure, and strategic dependencies.

A federal court has struck down New York's Climate Change Superfund Act, which sought to recover $75 billion from fossil fuel companies based on historical emissions. The ruling found the Act preempted by the Clean Air Act, marking the first judicial decision on state climate superfund legislation and establishing that EPA's rescission of the endangerment finding does not alter preemption analysis.

The European Commission has adopted final Guidelines on exclusionary abuses of dominance under Article 102 TFEU, introducing a "workable effects approach" that narrows presumptions while expanding guidance on objective justifications and recognizing sustainability benefits as valid efficiencies for the first time. These Guidelines replace the 2008 Enforcement Priorities Guidance and are expected to significantly impact enforcement practices across EU Member States and beyond, particularly for digital market

The New York Stock Exchange and Nasdaq are implementing overnight trading sessions starting December 6, 2026, extending the trading day to nearly 23 hours by compressing the daily pause to just one hour. While this evolution toward continuous trading introduces new considerations for corporate actions, disclosure timing, and deal execution, the practical impact varies significantly between NYSE-listed companies,

France's Anti-Corruption Agency has imposed its first-ever monetary sanctions under the Sapin II Act, penalizing a company €350,000 and its president €60,000 for widespread compliance failures. The landmark decision establishes critical precedents for enforcement strategy, breach assessment timing, and personal executive liability in anti-corruption matters.